Turning Your Passions into Profits: Insights from Rosa Whitaker

In November 2010, Rosa Whitaker, President and CEO of The Whitaker Group, was named one of the "Top 100 Global Thinkers of 2010" by Foreign Policy Magazine, for her "contributions to transforming the global perception of Africa from a cause for charity to one of promising opportunity for economic investment." When I learned that her company was a client of Citibank Commercial and Business Banking, I asked for an introduction to this pioneering woman and Rosa graciously agreed to an interview. Provided below are highlights from our conversation.

What’s the key to entrepreneurial success?

Success comes down to my "3Cs," which I learned from Mike E. Ullman, III, the chairman of retailer, J C Penney. Character absolutely is fundamental. Second is competence—you have to know your stuff and continue to learn. The third C is for capacity. You have to be able to build a support system, bringing in the ‘right’ people to work with you to carry out your mission.

What advice do you have for an aspiring entrepreneur?

Before you start your business, seek out experienced, successful entrepreneurs as mentors. When I started my business, I had the vision, but really didn’t understand the “business of being in business,” so to speak. I wish that I would have taken the time to speak with other entrepreneurs and learn about their journeys, as well as use them as a sounding board to fine tune my plans. I really believe it would have helped smooth out some of the bumps one inevitably experiences when launching a new business or product.

Before you start your business, seek out experienced, successful entrepreneurs as mentors.

Who are your financial role models?

My parents and my grandparents, who all worked in government. Growing up in the nation’s capital, family expectations were for me to get a "good government job," which afforded a certain amount of financial security. But, when you are in the private sector, particularly if you own your own business, your financial life is very different. I didn’t have the right financial tools. Over time, I put together my own ‘financial boot camp’ to help me get the knowledge and skills I felt I needed. I would encourage everyone to be proactive about their money and seek out answers to what you don’t know.

How do you maintain financial harmony in your household?

It’s a journey but we have a common financial purpose and are aligned on the big things: giving back to the community and our retirement. At the end of the day, financial harmony takes commitment—you can’t just say it, it comes down to your actions.

What words do you live by?

A verse from Luke 12:30-32: "Put ye first the Kingdom of God and all else will be added unto you." I believe each of us is brought into this world for a purpose and life is a journey of discovering that purpose.